Sunday, November 23rd1.7°C
24124
23943

Brent crude falls 1% on renewed supplies from Libya; weak sanctions on Russia

The price of U.S. oil inched slightly higher Monday but global oil fell more than one per cent on expectations of increased exports from Libya.

Benchmark West Texas Intermediate crude for June delivery rose 24 cents to close at US$100.84 a barrel on the New York Mercantile Exchange. Brent crude, an international benchmark used to price oil used by many U.S. refineries, fell $1.46, or 1.3 per cent, to close at US$108.12 in London.

Brent fell on news that Libya would soon resume exports from a 70,000 barrel-per-day terminal that had been occupied by rebels. Libya has struggled to deliver steady oil exports in the three years since the ouster of former leader Moammar Gadhafi. Libya's exports are roughly 220,000 barrels a day, down from 1.4 million barrels a day a year ago.

Energy analyst Jim Ritterbusch said in a research note Monday that U.S. and European sanctions against Russia over its involvement in the turmoil in Ukraine appeared to be less strict that oil traders had expected, further pushing oil prices down.

Still, analysts say prices remained higher than they would otherwise be because of fears that sanctions against Russia would disrupt supplies of that country's oil and gas. Global supplies are ample, and demand growth is weak.

"Growth in demand is so far unable to match, let alone outpace, the increasing oil supply," said Fawad Razaqzada of Forex.com in London.

In other energy futures trading on the Nymex, wholesale gasoline fell four cents to close at US$2.986 a U.S. gallon (3.79 litres), heating oil fell 3.6 cents to close at US$2.945 a gallon and natural gas rose 14 cents to close at US$4.79 per 1,000 cubic feet.

(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS), (TSX:CVE)

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX15111.13+35.95
S&P CDNX789.135.56
DJIA17810.0691.06
Nasdaq4712.97+11.102
S&P 5002063.50+10.75
CDN Dollar0.8901-0.0002
Gold1201.50+10.60
Oil76.72+0.87
Lumber331.50+4.50
Natural Gas4.236-0.253

 
Okanagan Companies
Pacific Safety0.155-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.30+0.03
Cantex0.04+0.005
Anavex Life Sciences0.178+0.008
Metalex Ventures0.03+0.005
Russel Metals31.62+0.82
Copper Mountain Mining2.24+0.06
Colorado Resources0.125-0.015
ReliaBrand Inc0.013-0.002
Sunrise Resources Ltd0.050.00
Mission Ready Services0.35+0.015

 
23744


24053

FEATURED Property
1880751979 Metcalfe Avenue
5 bedrooms 5 baths
$979,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...


Retirement: Health Issues

Our health is really our greatest asset and maintaining our health is of tremendous importance. You want to do what you can to ensure that health issues will not jeopardize the enjoyment of your retir...


Be quiet already!

No, you’re not crazy. There really are voices in your head. Voices that keep you from doing what you need to do during your customer care calls. It can be the voice of your teachers, your parent...

_



24207

24207


Member of BC Press Council


23646